Question: Calculate the appraised property value using the cost approach only: Market value of vacant land = $2,000,000 Cost of replacing building & site improvements =

  1. Calculate the appraised property value using the cost approach only:

    Market value of vacant land = $2,000,000 Cost of replacing building & site improvements = $8,350,000 Physical deterioration = $1,250,000 Functional obsolescence = $750,000 External obsolescence = $125,000

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